Following a multi-year stretch of almost uninterrupted outperformance, some investors question whether the Technology sector is in a position similar to the late 1990s Tech Bubble, pointing to lofty valuations as evidence.
In our 2018 forecast, we explained our view that long-term interest rates should remain benign—not rise in lockstep with short-term rate hikes, as many assume they will. Investors thought rates would skyrocket last year, too, but after the Fed hiked three times, long rates ended the year lower.
In October 2017, the Federal Reserve began the process of unwinding its balance sheet. It will now begin to let a portion of the long-term Treasuries and mortgage-backed securities mature off its balance sheet without reinvesting the proceeds.
Fisher Investments Australia offers a variety of Global, Non-US, and US Equity strategies for institutional investors. FIA delegates portfolio management to its parent company, Fisher Investments, a money management firm in the US founded in 1979 by investment guru Ken Fisher. Today, Fisher Investments and its affiliates oversee more than $121 billion* in assets for over 68,000 private clients and 175 institutional clients globally.* Founder Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 12/31/2019. Includes Fisher Investments and its subsidiaries.)
For your reference, Fisher Investments Australasia is an investment manager located in Sydney. The parent company, Fisher Investments, is based in the United States, and manages assets for large institutional clients around the world.